Confluent's (CFLT) "Outperform" Rating Reaffirmed at William Blair

Confluent (NASDAQ:CFLT - Get Free Report)'s stock had its "outperform" rating restated by analysts at William Blair in a research note issued to investors on Friday,RTT News reports.

CFLT has been the subject of several other research reports. Wells Fargo & Company lifted their price target on Confluent from $40.00 to $42.00 and gave the company an "overweight" rating in a report on Wednesday, February 12th. Evercore ISI boosted their target price on shares of Confluent from $32.00 to $40.00 and gave the company an "outperform" rating in a report on Wednesday, February 12th. Mizuho increased their price target on shares of Confluent from $31.00 to $35.00 and gave the stock an "outperform" rating in a research note on Friday, December 13th. Needham & Company LLC reissued a "buy" rating and set a $40.00 price objective on shares of Confluent in a research note on Friday. Finally, Royal Bank of Canada upped their price objective on Confluent from $36.00 to $41.00 and gave the stock an "outperform" rating in a report on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $35.33.

Confluent Trading Up 4.5 %

Shares of CFLT traded up $1.10 on Friday, hitting $25.50. 8,502,252 shares of the stock traded hands, compared to its average volume of 4,253,456. Confluent has a 1 year low of $17.79 and a 1 year high of $37.90. The stock's 50 day moving average is $29.80 and its two-hundred day moving average is $26.71. The firm has a market capitalization of $8.52 billion, a P/E ratio of -23.61 and a beta of 0.90. The company has a quick ratio of 4.24, a current ratio of 3.99 and a debt-to-equity ratio of 1.14.

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Confluent (NASDAQ:CFLT - Get Free Report) last issued its quarterly earnings results on Tuesday, February 11th. The company reported ($0.23) earnings per share for the quarter, missing analysts' consensus estimates of $0.05 by ($0.28). Confluent had a negative return on equity of 34.70% and a negative net margin of 35.81%. As a group, sell-side analysts predict that Confluent will post -0.83 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Rohan Sivaram sold 68,350 shares of Confluent stock in a transaction that occurred on Thursday, February 13th. The stock was sold at an average price of $36.23, for a total value of $2,476,320.50. Following the completion of the transaction, the chief financial officer now owns 520,273 shares in the company, valued at approximately $18,849,490.79. This trade represents a 11.61 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Edward Jay Kreps sold 232,500 shares of the business's stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $32.33, for a total value of $7,516,725.00. Following the completion of the sale, the chief executive officer now owns 452,488 shares of the company's stock, valued at $14,628,937.04. This trade represents a 33.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,248,478 shares of company stock worth $40,003,844. Insiders own 13.82% of the company's stock.

Hedge Funds Weigh In On Confluent

A number of hedge funds have recently added to or reduced their stakes in CFLT. Credit Industriel ET Commercial bought a new position in shares of Confluent in the 4th quarter worth about $28,000. Blue Trust Inc. raised its stake in Confluent by 354.0% during the fourth quarter. Blue Trust Inc. now owns 2,061 shares of the company's stock worth $58,000 after acquiring an additional 1,607 shares during the period. SBI Securities Co. Ltd. bought a new position in Confluent in the fourth quarter worth about $59,000. Point72 Hong Kong Ltd acquired a new position in Confluent in the third quarter valued at approximately $68,000. Finally, GAMMA Investing LLC grew its holdings in shares of Confluent by 85.3% during the fourth quarter. GAMMA Investing LLC now owns 2,467 shares of the company's stock valued at $69,000 after purchasing an additional 1,136 shares during the last quarter. Institutional investors and hedge funds own 78.09% of the company's stock.

Confluent Company Profile

Confluent, Inc operates a data streaming platform in the United States and internationally. The company provides platforms that allow customers to connect their applications, systems, and data layers, such as Confluent Cloud, a managed cloud-native software-as-a-service; and Confluent Platform, an enterprise-grade self-managed software.